|ONLINE REAL ESTATE AUCTION TERMS & CONDITIONS:|
Online Bidding: – All bidding will be done Online and is open to the public @ www.BidNow.us. Anyone can watch the bidding throughout the 7-day auction period. Bidders will be required to register for a bidder number unless they are already a current online registered bidder @ www.BidNow.us. Albrecht Auction reserves the right to call a bidder at anytime during the auction to question the person’s credentials. Albrecht Auction also reserves the right to reject a bid/bidder if believed to be in the best interest of the Seller.
3% Buyer’s Premium: A 3% buyer’s premium will be added to the final bid price and become part of the purchase price.
Acceptance of Bid: The Seller has the right to a 24 hr. confirmation period to accept the offer following the auction. The high bidder will be called following the auction to determine a time to meet to sign the purchase agreement.
Phone Bidding: This is an Online Auction but buyers can place bids over the phone w/ Albrecht Auction if they have made prior arrangements. You can also make arrangements to bid on our computers at the Office in Vassar on Thursday April 25th before the Auction closes at 7:00 p.m. Call for Details 989.823.8835.
Inspection: Land walkover inspections can be conducted at any time!
Earnest Money Deposits: The successful bidder must deposit with the auctioneers the day following the auction earnest money deposits in the form of personal or business checks, cashier’s checks, certified checks or cash in the following amounts: 5% deposit of high bid. Checks would be made out to the title company at closing. The deposits will apply to the purchase price at closing. Your bidding is “NOT” subject to obtaining financing. Deposits are non-refundable, so make sure your financing is arranged or you are capable of paying cash at closing.
Closing: The closing will be handled by First American Title Company. The successful bidder will be required to sign the purchase agreement immediately following the auction. The earnest money deposit will be held by the title company. Closing to be approx. 30 days following the auction or as soon thereafter as applicable closing documents have been completed.
Possession: The Buyer will take possession at closing. The buyer will be allowed to get on the land immediately following the auction – call for details.
Title: Seller shall provide an Owner’s Policy of Title Insurance to the purchaser.
Terms: Cash or Conventional Mortgage at closing.
Acreage: All acreages, dimensions and proposed boundaries are based on current legal description and FSA aerial maps. If the buyer performs a survey and acreage amount changes, it will not affect the selling price. The land is being sold as a parcel, not by the acre.
Division Rights & Mineral Rights: Division rights (splits) and all mineral rights owned will transfer to the buyer.
Property Taxes: Taxes will be prorated to the date of closing per local custom. Per Michigan law, assessments will be uncapped and re-assessed.
Transfer Taxes: State and County Transfer Taxes will be paid by the Seller.
Easements: Sale of property is subject to any and all easements of record.
Agency: Albrecht Auction Service, L.L.C. and its representatives are Exclusive Agents of the Seller.
Announcements: Announcements made on the website will take precedence over printed and/or verbal statements. Information in the flyer and other printed materials has been obtained from sources deemed reliable but the seller and/or Albrecht Auction Service, L.L.C. makes no guarantees as to its accuracy. The real estate is being sold in the ‘As-Is, Where-Is’ condition with no expressed or implied warranty of any kind. The seller, broker and auction company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the auction company are final. If there would be a malfunction with the server which hosts the online auction, Albrecht Auction reserves the right to extend the auction until the problem is corrected.
It is illegal to discriminate against any person because of religion, handicap, race, sex, family status or national origin.